2014 (11) TMI 1306

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....the claim of exemption u/s. 54/54F of the Income Tax Act, 1961 (hereinafter referred to as ''the Act'') 3. The facts as emanating from the records are: The assessee alongwith three co-owners sold a property at Purasaiwalkam High Road, Chennai on 23.01.2006 for a consideration of Rs.40,00,000/- and got 1/4th share Rs.10,00,000/- in sale proceeds. The assessee purchased a plot on 03.01.2007 and allegedly constructed a residential building thereon between October, 2007and March, 2008. The total amount invested by the assessee in the new asset was Rs.20,52,000/-. The assessee claimed exemption u/s. 54 of the Act on her share of Capital gains arising from sale of joint property. During the course of scrutiny assessment, the Assessing Officer ....

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....r Capital Gain Accounts Scheme 1988. In the present case, the assessee has utilized entire sale proceeds before the due date of filing return of income u/s. 139(4) relevant to the assessment year 2006-07 i.e. 31.03.2008. The residential building was completed in March, 2008 itself. The learned AR in support of his submissions placed reliance on several decisions of the co-ordinate bench of the Tribunal and the following decisions rendered by different Hon'ble High Courts to say that the 'due date' for filing return to claim exemption u/s. 54/54F is as envisaged u/s. 139(4) of the Act. (i) CIT vs. MS. JagritiAggarwal, reported as 339 ITR 610 (P&H). (ii) Fathima Bai Vs. ITO, reported as 32 DTR (Kar) 243. (iii) CIT v....

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....e original asset. The amount has been invested in construction of new residential asset before the due date of filing of the return as is envisaged u/s 139(4) of the Act i.e. 31.03.2008 relevant to the assessment year 2006-07. 7. The fact that the assessee purchased a vacant plot No. 12A &12B, Corporation Old Door No. 50/1, New No. 78, Parameswari Nagar, First Street Extension, Adyar, Chennai 20, measuring 1216 sq.ft on 03.01.2007 has not been disputed by the Revenue. The case of the assessee is that a residential building was constructed on the said plot before the 'due date' of filing of return u/s. 139 for the assessment year 2006-07. The Hon'ble Punjab and Haryana High Court in the case of CIT vs. Jagriti Aggarwal (sup....